Cirrus peaks after Q3 results beat estimates

Cirrus Logic

03/02/2023 18:31

** Shares of chipmaker Cirrus Logic  CRUS.O  rise as much as
~8.5% to a record high of $102.9
    ** Cirrus posts an adj profit of $2.40/share for Q3 vs
analysts' estimate of $1.99/share - Refinitiv IBES data
    ** Co's quarterly revenue was $590.6 mln, beating analysts'
estimate of $544.6 mln
    ** CRUS posts Q3 GAAP EPS of $1.83
    ** CRUS also expects Q4 2023 revenue to range between $340
mln and $400 mln, the median of which is in line with analysts'
estimate of $369.96 mln    
    ** Co's CEO says that the sales for the quarter was driven
above the high end of guidance by demand for smartphones
    ** Additionally, eight of 12 brokerages rate the stock "buy"
or higher, 3 "hold" and 1 "sell" or lower
    ** Shares of CRUS fell 19% in 2022
 (Reporting by Sri Hari N S)
 ((SriHari.NS@thomsonreuters.com;))